Hooked Protocol: The New uHGT Token Contract Will Be Implemented, As Well As Token Migration

According to the official announcement, the Web3 social network Hooked Protocol will implement the new uHGT token contract and will perform token migration.

Due to the official announcement, the Web3 social network Hooked Protocol issued an update on the uHGT token security incident yesterday, stating that the team has deployed repair measures, and all user assets of BUSD and HOOK tokens are safe and unaffected, as is the in-app experience and uHGT income. Hooked Protocol will install the new uHGT token contract and migrate tokens.

During the migration phase, each uHGT token has a fixed exchange rate of 0.000002 BUSD, and the previous AMM pricing model will be reinstated in the future.

The following is the specific plan and timeframe for uHGT migration:

1. To replace the old uHGT token contract, a new token contract (uHGT v2) will be implemented.

2. Based on the on-chain snapshot prior to the security issue, the value of the new token uHGT v2 will be mapped 1:1 to the old uHGT balance. Users will be able to change uHGT to BUSD within the app during the transition period, but their balance will be updated accordingly. During the redeployment process, on-chain transactions may be halted for a few days and resumed shortly after completion.

3. The BUSD refund for uHGT tokens purchased after the security incident will be returned directly to the original purchase address today. A total of 30 impacted transactions necessitated reimbursements.

4. Update on the uHGT to BUSD exchange: the in-app token income is still active; uHGT to BUSD and BUSD withdrawal will begin on December 31. During the migration time, users can convert uHGT to BUSD at a set exchange rate of 1 uHGT=0.000002 BUSD at Wild Cash, based on the average price 24 hours before the security event.

When an uHGT token is redeemed, the quantity of uHGT tokens in the user’s wallet is automatically subtracted, and the mapped uHGT v2 balance is updated appropriately. The converted BUSD tokens are transmitted to and securely kept in the user’s in-app cold wallet.

Hooked Protocol also claimed that it will soon disclose additional information and detailed plans for products to be introduced in January 2023.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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